New circular letter on outsourcing issued by the Luxembourg Insurance Regulator CAA (August 2022)
On 19 August 2022, the Luxembourg insurance sector supervisory authority Commissariat aux Assurances ("CAA") issued its Circular Letter 22/16 on the outsourcing of critical or important operational functions or activities ("CIFA"). The new CAA Circular Letter, which applies to all Luxembourg (re)insurance undertakings supervised by the CAA, clarifies the requirements for the outsourcing of CIFA and their notification to the CAA. The Circular Letter will apply to all outsourcing agreements newly concluded or amended as of 1 November 2022. In this briefing, we set out an overview of the new rules and requirements.